Aon Replaces $1 Billion Revolving Credit Facility Amid USI Merger Preparations

Aon plc (NYSE: AON) filed a Form 8‑K on September 18, 2026, announcing termination of its prior $1 billion revolving credit facility. The move clears the way for a new credit arrangement as Aon advances toward closing its pending acquisition of USI Insurance Services.

The filing notes that Aon and affiliated entities terminated their prior $1 billion revolving credit facilities dating from 2021 and 2023, effective September 18, 2026. This strategic refinancing aligns with Aon’s preparation for the USI transaction, announced August 31, 2026, in which Aon agreed to acquire USI for $17 billion in cash—funded entirely with new debt.

The definitive merger agreement signed August 30, 2026, stipulates integration of USI into Aon North America as a direct subsidiary, and Aon has since filed the audited consolidated financials of USI for year-end 2025 and the six months to June 30, 2026, along with unaudited pro forma combined statements.

This refinancing step is significant in demonstrating Aon’s financial maneuvering in anticipation of one of the largest brokerage industry deals in recent years, following its $13 billion acquisition of NFP in 2024. Aon’s ability to access fresh credit markets will impact how quickly it can close the USI deal and manage the resulting debt load.

For investors, the move signals that Aon is actively preparing to fund the USI acquisition, albeit increasing its leverage profile. While the financing appears in place, the broader implications for Aon’s capital allocation—or whether it delays share repurchases—will depend on the terms of the new facility, which were not disclosed in the filing.